SPY Respecting Technicals in the Face of Uncertainty
Hello,
Here is an updated SPY chart for everyone to consider.
My analysis is on the chart but here are a few things I'm concerned about
Bull Concerns:
Bulls got news today but wasn't able to break a crucial technical level. (350-351)
We have several gaps from our parabolic move that we will need to fill.
It looks like we may be respecting a technical downtrend that was an extension from Octobers downtrend. We have 2 daily touches so far and we're working on a 3rd.
Overall the PCCE ratio is actually too bullish. Meaning there may not be as many buyers in the market right now.
Bear Concerns:
Stimulus, Stimulus, Stimulus - Right now, I think this will be what the market needs to regain some bull structure.
Uncontested Election - We are able to verify that we will have an easy transition of power
Most of my thesis relies on the technicals, as that's what I love. But you must always consider the fundamentals as well.
This is my analysis and any decision that you make is yours, and yours alone.
SPY
Here is an updated SPY chart for everyone to consider.
My analysis is on the chart but here are a few things I'm concerned about
Bull Concerns:
Bulls got news today but wasn't able to break a crucial technical level. (350-351)
We have several gaps from our parabolic move that we will need to fill.
It looks like we may be respecting a technical downtrend that was an extension from Octobers downtrend. We have 2 daily touches so far and we're working on a 3rd.
Overall the PCCE ratio is actually too bullish. Meaning there may not be as many buyers in the market right now.
Bear Concerns:
Stimulus, Stimulus, Stimulus - Right now, I think this will be what the market needs to regain some bull structure.
Uncontested Election - We are able to verify that we will have an easy transition of power
Most of my thesis relies on the technicals, as that's what I love. But you must always consider the fundamentals as well.
This is my analysis and any decision that you make is yours, and yours alone.
SPY
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